New York City’s Rent Guidelines Board voted last night to increase rents for the city’s one million rent-stabilized apartments (including mine) 4.25% on one-year leases and 7.25% on two-year leases, according to an article in today’s New York Times (“Despite Protests, Rent Board Sets 7.25% Increase” by Janny Scott). The increases are the highest since 2003 and apply to leases renewed between this October and September 2007.
Building owners supporting the raise say they’re being pinched by fuel costs and a rise in real estate taxes. As for we poor tenants, researchers at New York University released a report this month finding that the number of apartments considered affordable to those of moderate-income households fell nearly a fifth from 2002 to 2005.
It’s quickly becoming even more of an island for rich people here.